Latest Trends in Blockchain Based Game Industry
7th June, 2022
People always loved playing games. Irrespective of the age and gender, good gaming technology always hooks the ardent player to their favorite device. When the global pandemic struck in 2019, and people had to stay indoors, it was the gaming industry that kept them busy and entertained. This also increased a surge in the NFT and blockchain games.
And that’s where Blockchain comes in. With Blockchain comes the most noted, unique features for online game lovers:
- Decentralization – Through decentralization, the game assets bought in one game, can be used in another. The players themselves are the real owners of their assets, and they can make profit too.
- Immutable transactions – The transactions that players make are immutable, meaning they cannot be deleted, modified, altered or replaced.
- Transparency – Players demand transparency in online gaming because if they are spending their money, they need to know if the resources are available, and are really worth the amount they are paying.
- Enhanced Security – Blockchain helps in preventing illegal digital asset trading. And there is increased security for player’s private data and payments.
Blockchain technology is gaining more traction with each passing day, and it has literally revolutionized the way people do business, thanks to the exciting potential it has in solving security issues, scalability problems among many others. Blockchain is now successfully used in various industries, especially when it comes to NFT marketplaces, money transfers, international payments, online gaming etc. Through this technology, there is transparency, with the highest levels of tamper proof capability.
How Blockchain Helps Businesses
Blockchain for business is a boon when it comes to entities interacting with each other. Through the distributed ledger technology, financial transactions can happen securely, and shared ledgers ensure that all the transactions are validated and executed by trusted participants only. It is this decentralized nature of the block that creates maximum security and transparency in every step of the transaction in the supply chain. This means that decision making is not in the hands of a centralized entity, but in a distributed network. The best thing about blockchain is that once a data is entered, it cannot be tampered with, because there is transparency, integrity, accountability among other benefits. Blockchain helps business in four main attributes. Let’s check them out:
Consensus – Consensus happens when all the participants involved in shared ledgers validate a particular transaction.
Replication – Copies of an event are automatically created across different ledgers once the event is approved. These events are also called blocks.
Immutability – A number of blocks can be created, and there will be a permanent record of each transaction, since everything is transparent, there is trust among the shareholders.
Security – Only trusted partners have access to the transaction, and have access permissions. Only these authorised entities can create the blocks, thereby increasing security.
Blockchain can thus build more efficient processes, removing the need for 3rd party evaluators and administrators.
Blockchain in the Games Industry
The potential for blockchain in the gaming industry is enormous. In fact, it provides one of the biggest disruptions in the technology sector. This is probably because of the particular characteristics of the gaming industry. Here are some of them:
- Players should deal with real money to play many of the games. Some games allow digital gold, but it is hugely time consuming. Some players need to use their fiat money to buy assets.
- Security is of utmost importance because players need a safe platform to buy and sell, similarly the game entrepreneurs and shareholders also need a safe environment to accept payments, to launch games and monetize them.
- Interoperability amongst gaming platforms is something every player desires because they play different kinds of games across different platforms. The players would like their profiles to be interoperable.
- There will be more money spent on virtual games, and people are likely to upgrade their assets constantly, so there will be a lot of movement there.
- The players would like to store their assets securely, and when they are stored in a centralized server of a gaming website, it would be likely to be prone to more attacks, an easy target for hackers.
- An uneasy aspect of online gaming is that the assets owned by the players are not really the property of the players themselves, but rather by the games manufacturers.
- Gamers feel disappointed and frustrated when their favorite games are not available for playing anymore. Or maybe the rules changed such that the players do not find them entertaining enough? With technology, players can have greater control.
- Sometimes, players may have an intelligent idea or change that they would like to share with the developer, and the best thing would be to enable technology to bring the player and the developer on the same platform so they can collaborate.
- Players always worry about being victims of fraudulent happenings in the online game platforms, technology needs to be upped to make everything safe and transparent.
Each of the characteristics that we’ve mentioned above require great technology impact and disruption. This is where cryptocurrencies come in.
Blockchain was first introduced in 2008, as part of Bitcoin proposal, but it wasn’t very popular or so well-known until many years later when cryptocurrencies became popular. While blockchain technology was initially used to power cryptocurrencies, it became obvious that the revolutionary technology can make a huge impact on a number of other industries.
The Latest Trends that make Blockchain Special in the Gaming Industry
With the introduction of blockchain into gaming, there have been a lot of new trends that have literally become game-changers. Check out the major, noteworthy trends:
With the new gaming technology of tokenization in gaming, the assets are tokenized, where the players can buy and own their assets, and sell them if they so wish. The digital assets can be converted into tokens and can be applied in games as well as sold on marketplaces. These digital assets could be anything that gamers use to play – weapons, attire, tools, coins, etc. These can be sold as tokens, and the buyers become owners. Each sale and ownership of the tokens are secure on the blockchain.
Blockchain non-fungible tokens are unique in-game items. Through this, the gamers can buy, sell or collect the tokens, but they cannot replace or interchange them. The NFTs have been around for sometime, since the 2017 when the blockchain game known as CryptoKitties was first introduced. In this game, gamers can buy, sell, and breed digital kittens. Then came Axie Infinity, another blockchain game that became immensely popular. Released in 2021, Axie Infinity is a play-to-earn game where players buy, raise, breed, trade pets. The players mint their own NFT creatures known as Axies, and people actually earned money during the pandemic by trading NFTs through Axie Infinity.
3. Metaverse Powering Virtual Gaming
Thanks to Metaverse gaming, people come together in an interactive three-dimensional gaming platform, where players can win virtual gaming goods and sell them to earn real money. MetaBlaze is the first Blockchain-gaming metaverse that can generate lifetime yields. This is a totally new gaming world, where players can indulge in play-to-earn games in a 3D environment, complete with RPG or Role Playing Game scenario. The gamers can invite their social media friends and collaborate with them to have the ultimate gaming experience imaginable. And with the help of blockchain, they can move their assets from one space to another easily.
The reason why metaverse is gaining significance is because there is decentralisation, and through that transparency and security are achieved. Blockchain not only helps with the decentralised networks, but it also helps connect the metaverse economies to a much larger crypto economy.
That are other couple of trends that are really shaking the online gaming world:
4. Social Gaming
Blockchain allows developers to create a community-based gaming experience. This can help a totally immersive gaming experience through Blockchain, and the technology helps in creating innovative game characters, manage, store and access these game characters and other virtual assets.
5. Open Web Games
Once the developers develop the game, players can have access to the game assets to improve their playing experience. The developers are not only proprietors of the game anymore. The players can use their game assets with the help of decentralized non-fungible tokens to shape the look, feel and user experience of the gaming app. Using cryptocurrency, they can buy game assets and use these assets in a different game app too.
Blockchain technology is a real game-changer in every sense of the world. And this is just the beginner, the full potential is yet to be explored and enjoyed. Through Blockchain P2E (Play-to-Earn) is the upcoming trend, where games are not just about winning or losing, but owning your own digital asses, earn actual money and trade them for cryptocurrencies. This is one trend in the gaming sector that’s going to be stronger by the day. Game developers are going to be in huge demand because it is a potential gold mine for game companies.
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